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Yahoo Japan Corporation FY2019-1Q Business Results

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Yahoo Japan Corporation FY2019-1Q Business Results Yahoo Japan Corporation FY2019-1Q Business Results August 2, 2019 Security code: 4689 Disclaimer Statements made at the meeting or included in the documents that are not historical facts are forward-looking statements about the future performance of Yahoo Japan Corporation (Company, Yahoo! JAPAN) and its consolidated subsidiaries and affiliates. The Company cautions you that a number of important factors could cause actual results to differ materially from those discussed in the forward-looking statements. Such factors include, but are not limited to, the items mentioned in “Risk Factors” in “Results for the Fiscal Year Ended March 31, 2019.” Unauthorized use of the information or the data in this document is not permitted. Unless otherwise specified, English-language documents are prepared solely for the convenience of non-Japanese speakers. If there is any inconsistency between the English-language documents and the Japanese-language documents, the Japanese-language documents will prevail. Table of Contents 1 FY2019-1Q Financial Results 2 Summary of Business Segments 3 Strategic Measures 4 Appendix 1 FY2019-1Q Financial Results 2 FY2019-1Q Consolidated Income Statement Item FY2018-1Q FY2019-1Q YoY Revenue 231.8 (¥B) 238.6 (¥B) +2.9 % Operating income 47.5 (¥B) 36.1 (¥B) -24.0 % EBITDA *1 60.0 (¥B) 54.0 (¥B) -10.0 % Other non-operating income and expenses*2 0.6 (¥B) 11.0 (¥B) +1,510.8 % Equity in earnings of associates and joint venture*3 0.2 (¥B) -5.9 (¥B) -2,930.5 % Net income 32.6 (¥B) 27.8 (¥B) -14.7 % Net income attributable to owners of the parent 32.6 (¥B) 27.3 (¥B) -16.2 % Diluted EPS ¥ 5.74 ¥ 5.40 -5.9 % *1 Change in EBITDA is mainly due to application of IFRS 16, Leases *2 Gain on change in equity interest in PayPay Corporation (¥10.8 B) is recorded in other non-operating income and expenses *3 Mainly due to PayPay Corporation 3 FY2019-1Q Factors of Change in Consolidated Operating Income Decrease in income for 1Q is as expected due to one-time gain recorded in FY2018-1Q Item Amount (¥B) Major factors (¥B) FY2018-1Q Result 47.5 Revenue +6.7 ASKUL＋2.1; Advertising revenue ＋1.8 Cost of sales -0.8 SG&A (major items only↓) -9.3 Increase in depreciation expense of right-of-use assets due to application of Depreciation and amortization -5.6 IFRS 16 (rental expense decreased instead) Increase in software, servers, etc. YoY Promotional cost for Yahoo! JAPAN app, point rewards for Commerce Business, Sales promotion cost -2.8 difference point rewards for acquiring credit card membership Personnel expenses -1.0 Hired approx. 450 new recruits (70% engineers) Content provider fees -0.8 Business commissions -0.6 Advertising and promotional expenses -0.5 Other revenue & expenses -7.9 One-time gain: Gain in sale of IDC Frontier 7.9 (FY2018-1Q) FY2019-1Q Result 36.1 4 Business Base Each business base (commerce, media, financial & payment) expanding steadily EC transaction value No. of monthly logged-in user IDs Credit card transaction value （¥ B） （Mil IDs） （¥ B） 700 More than 2X since 60 16 consecutive quarters of 450 More than 4X in new EC strategy* YoY double digit growth 400 3 years 600 50 350 500 40 300 400 250 30 300 200 20 150 200 100 100 10 50 0 0 0 Q 1 2 3 4 1 2 3 4 1 2 3 4 1 Q 1 2 3 4 1 2 3 4 1 2 3 4 1 Q 1 2 3 4 1 2 3 4 1 2 3 4 1 FY16 FY17 FY18 FY19 FY16 FY17 FY18 FY19 FY16 FY17 FY18 FY19 *Began in October 2013 5 FY2019 Full Year Guidance (Consolidated Basis) Steady progress - no change in guidance Item FY2019 (estimate) YoY Progress Revenue Over ¥1 T ＋5 to 7 % 24 % Operating income ¥ 140.6 to 150.0 B ±0 to +7 % 24 to 26 % Net income attributable ¥ 79.0 to 85.0 B ±0 to +8 % 33 to 35 % to owners of the parent Diluted EPS ¥ 14.8 to 15.9 ±0 to +8 % 34 to 36 % Dividend per share ¥ 8.86 Same n.a. 6 Summary of Business Segments 7 Revenue Growth Image by Segments Commerce Business is the key strategic driver for a dramatic growth and Data solution earnings diversification Fintech New fields to pioneer E-commerce (excl. ASKUL Group) Integrated marketing solution, Commerce shopping advertising business Media Paid search advertising, business display advertising (excl. shopping advertising) 8 Commerce Business 9 FY2019-1Q Commerce Business – Uses Membership Commerce Business base Finance growing steadily O2O Item Details 2 Credit card transaction value exceeded Payment ¥400 B, +49% YoY 2 Payment Shopping transaction value Base 1 E-commerce maintained high YoY growth of +17% 1 E-commerce 10 FY2019-1Q Commerce Business – KPI Item Actual result YoY Measures / Factors of change EC transaction value 584.0 (¥B) ＋8.8 % EC transaction value 475.6 (¥B) ＋5.4 % (Sale of goods) Yahoo! Shopping grew approx. +20% Negative 6% growth in LOHACO Shopping transaction value 204.0 (¥B) ＋16.5 % (including LOHACO store in Yahoo! Shopping) YAHUOKU! transaction value 200.4 (¥B) ＋0.7 % EC transaction value Travel (O2O) grew over +30% 108.4 (¥B) ＋27.0 % (Non-sale of goods) Dining reservation also grew over +20% Grew due to linkage with PayPay, sales Credit card transaction value 423.5 (¥B) ＋48.8 % promotional activities 11 New Service: PayPay Mall To be launched in Fall 2019 NEW Mall Premium shopping mall Items of PayPay Features Mall will be displayed in both 1. Only for stores that meet our criteria websites 2. UI/UX that is optimized for each product category 3. Return/exchange allowed * Illustrative purpose only (Within 14 days from receiving product) Photo: Aflo 4. Inventory linked with brick and mortar stores Shopping 5. Also linked to Yahoo! Shopping PayPay Mall listing fee 3% Note: “PayPay” is a registered trademark of Yahoo Japan Corporation. 12 New Service: PayPay Flea Market To be launched in Fall 2019 Smartphone app that focuses on NEW simple buy and sell Flea Market Features 1. Specializes in flea market 2. Linked with YAHUOKU! Sales commission TBA Note: “PayPay” is a registered trademark of Yahoo Japan Corporation. 13 FY2019 Full Year Commerce Business – Targets Aim for double-digit growth for EC transaction value (sale of goods) leveraging new services: PayPay Mall, PayPay Flea Market, etc. Item Target (YoY) EC transaction value +Double-digit % (sale of goods) Shopping transaction value ＋20 % YAHUOKU! transaction value +Mid-single digit % 14 Media Business 15 FY2019-1Q Media Business – Uses Display Paid search advertising advertising Media’s user base steadily YDN, etc. Premium growing mainly in smartphones Brand Panel Item Details YDN Prime 2 Display Time spent by Premium Shopping +19% YoY growth DSP Advertising logged-in users via smartphones 1 YoY growth 2 Time spent by logged-in users +11% Base Number of 16 consecutive quarters monthly logged- 1 Number of monthly logged-in user IDs in user IDs of double digit growth 16 FY2019-1Q Total Advertising Revenue - Results Item Actual result YoY Measures / Factors of change Total advertising revenue 78.2 (¥B) ＋2.4 % While CTR improved with a new measure (change in QuickLink Option displays), low-single digit revenue growth because: • Effect of last year’s UI measures wore out Paid search advertising 40.1 (¥B) ＋1.6 % • PC and tablets decreased more than expected • One-time opportunity loss (no monetization for some queries), etc. Display advertising 38.0 (¥B) ＋3.1 % Negative YoY growth (¥1.4 B decrease) impacted by: • Decrease in non-YJ* revenue due to measures against ad frauds YDN, etc. 24.8 (¥B) -6.1 % • Decrease in unit price of smartphone web ads as a result of anti- tracking Premium advertising ＋26.9 % Growth in shopping ads, etc. (incl. shopping ads) 13.1 (¥B) * Non-Yahoo Japan Corporation ad distribution partners 17 Impact of Anti-Tracking Background Impact on our total advertising revenue Anti-tracking intensifying FY2018 Total advertising revenue due to rise in awareness Approx. ¥325 billion towards privacy protection Paid search advertising Approx. ¥165 B ▶ Decrease in retargeting ads YDN, etc. Approx. ¥110 B ▶ Difficult to measure ad Large Web impact effects correctly Smartphone App PC Lower unit price of smartphone web ads Premium Advertising Approx. ¥50 B 18 Short-Term Measures to Increase Advertising Revenue 1 Raise log-in ratio and promote 3 Integrate ad platform to maximize targeting based on Yahoo! ID ad effect Now Around fall 2019 (plan) Segmented products Integrate into 2 Focus in three areas that have Yahoo! Ads room for growth Guarantee Premium advertising -based YDN Guarantee-based AD AD AD APP Performance Premium DSP -based Performance-based Others Video App Dynamic Insufficient use of data Provide distribution functions ads ads ads* across products that meet purpose of advertisers Increasingly convenient • Products such as “dynamic display ad” that can automatically personalize Complicated ad management ad creatives according to user behavior history ad management tools 19 Mid- to Long-Term Measures to Increase Marketing Revenue Create new monetizing models & multiple earnings bases Integrated Marketing Solution O2O Online commerce ads Comprehensive service that uses Test marketing For stores of Yahoo Japan PayPay to encompass underway Group’s EC services user attraction, payment and CRM Focus: Increase transaction value Monetization planned to being in Offline commerce ads FY2019-4Q Release β ver. in fall Mainly for Mainly for merchants Planned: manufacturers PayPay coupon & sampling solution with major drug stores and Focus: Focus: Expand product sales Reservation & convenience stores traffic referral, etc. 20 FY2019 Full Year Media Business – Targets Current full year outlook: low-single digit YoY growth New measures will be added to achieve initial target Item Target (YoY) Total advertising revenue +Mid-single digit to double digit % Paid search advertising +High-single digit % Display advertising +Mid-single digit to high-single digit % 21 Strategic Measures 22 PayPay 23 PayPay – KPI Business base for smartphone payment –steadily growing No.
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